Category Archives: Uncategorized

RESERVE BANK REJECTS DIGITAL CURRENCY, SAYS CASH IS SAFE

The Reserve Bank of Australia’s latest Quarterly Bulletin has rejected the idea of issuing a digital currency for Australia. Long held up as the future of the ‘physical’ currency, a digital currency is a verified token or account that could replace actual notes and coins without a bank or a card company involved. It’s real money online, issued by the RBA, worth

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Cashless society – embrace it or fear it?

There has been a surge in cashless payments during the COVID-19 pandemic, igniting expectations, and fears, that Australia could become a completely cashless economy. More than two thousand ATMs and hundreds of bank branches throughout Australia have been removed already in 2020. Plenty of Aussies are not embracing the idea of a cashless economy according to a big new study

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We need ATMs for access to cash

More than seven thousand ATMs have been removed from communities throughout Australia in the last three years. The big banks are reducing their ATM network and branch network footprints and our access to cash along with it. More than two thousand ATMs have disappeared in the last three months according to the Australian Payments Network. 175 bank branches have also

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Privacy, what privacy?

Is my financial and identity information safe online? The simple answer must be no, based on the latest official data on privacy breaches. Can Australians have confidence in the finance, health and insurance companies they give their bank account and ID documents to? The answer must also be no. Our personal, financial and identity information is being stolen, kidnapped, held

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800,000 Aussies must face their mortgage “cliff” say banks

Banks say 800,000 borrowers were granted six month deferrals on their mortgage repayments around March 2020. All these people will be asked to resume full repayments from September said Anna Bligh from the Australian Bankers Association. Borrowers can apply for a four month extension but getting it “will not be automatic,” Ms Bligh said. The other option for struggling is

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What is Least Cost Routing?

Links to Least Cost Routing deals below. Least Cost Routing or Lowest Cost Routing refers to the ability of merchants, (specifically their POS terminal) to send each card transaction to the network that charges the least fees. Contactless transactions are typically sent to Visa or Mastercard. Consumers can choose the network to use if they insert their card and press

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Merchant Service deals explained

Merchant service fees and charges are complicated, difficult to understand and almost impossible to compare. In 2020 there are new merchant deals available in Australia, but card scheme fees remain stubbornly high and fairly confusing. What do Visa and Mastercard charge for credit and debit card transactions? Visa and Mastercard charge interchange fees to banks. The banks charge the shopkeeper.

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Guide to Centrelink robo debt refunds

Centrelink is PAYING OUT a $2K RoboDebt JACKPOT. 373,000 past customers of Centrelink (since 2015) are getting an average pay out of $1,932. All Centrelink RoboDebt (tax office averaging ) have been overturned by a historic court judgement. ScoMo has apologised for the hurt and the suffering. Now it’s time for Centrelink to pay out $721 million. There’s more on

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